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TMI Blog2021 (1) TMI 273X X X X Extracts X X X X X X X X Extracts X X X X ..... f Section 252 of the Companies Act, 2013 for restoration of the name of the Appellant Company in the register maintained by the Registrar of Companies, NCT of Delhi and Haryana (RoC). 2. As per the averments, M/s. Delhi Design Tech Private Ltd was incorporated as Private Company Limited by shares on 25.08.1995 with CIN No. U74899DL1995PTC071973 and having its registered office at Village and Post Office Rajokari, Delhi, South West Delhi - 110018, within the jurisdiction of this Tribunal. 3. It is submitted by the Appellant Company that as per the Memorandum of its Association, its main objects are : "to buy, sell, import, export, contract, distribute in India or abroad and to act as agent, sub-agent, stockiest, represe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Bank Statement issued by Allahabad Bank for the period from 13.08.2010 to 31.12.2019 6. That the Income Tax Department has filed its reply and submitted that as per there e-filling database of the Assessee, no ITR was e-filled by the assessee against the aforesaid allotted PAN. 7. The ROC, who filed its report, has made the following observation: "6) That the Respondent most respectfully submits that the action of striking off of the present Company was legal and justified and was the result of the operation of the law, as the company was not carrying on any operations for a period of two immediately preceding financial years (as indicated by non-filing of the financial statements of the Company for two or more yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut business as per its objects. Also, the Appellant Company failed to produce any document in support of utilization of plot on lease by RIICO Ltd. 11. That the provisions pertaining to restoration of the name of the Company are provided in the Section 252(3) of the Companies Act, 2013, which, inter alia, includes that if a company is carrying out its business or in operation or otherwise it is just that the name of the company be restored, this Tribunal can order the RoC to restore the name of the company in the Register of Companies. 12. There is nothing placed on record pertaining to the period prior to 01.09.2017, which could prove beyond doubt that the company was in operation or was carrying out its business. The ROC in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation, the Tribunal had vast powers to order restoration of Company on the ground "or otherwise". This term "or otherwise" has been judiciously used by the legislature to arm the Tribunal to order restoration of a struck off company within the permissible time limit to take care of situations where it would be just and fair to restore company in the interest of company and other stakeholders. Such instances can be innumerable. However, this term "or otherwise" cannot be interpreted in a manner that makes room for arbitrary exercise of power by the Tribunal when there is specific finding that the Company has not been in operation or has not been carrying on business in consonance with the objects of the Company. A Shell Com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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